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Dec 29, 2012
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automatic tax hikes and spending cuts set to kick in january 1st. the president called the meeting constructive, but reminded lawmakers there's not much time left. >> we're now at the point where in just four days every americans' tax rates are scheduled to go up by law. >>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> we're going to do the best we can for the congresses we have and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases, but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done, but the president has a backup plan just in case. >> if an agreement isn't reached in time between senator reid and senator mcconnell, th
automatic tax hikes and spending cuts set to kick in january 1st. the president called the meeting constructive, but reminded lawmakers there's not much time left. >> we're now at the point where in just four days every americans' tax rates are scheduled to go up by law. >>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in...
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Dec 29, 2012
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sides are saying about the looming deadline. >> reporter: congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1. the president reminded lawmakers there's not much time left. >> we're now at the point where, in just four days, every american's tax rates are scheduled to go up by law. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in hopes that we can come forward as early as sunday and have a recommendation. >> we're gonna do the best we can for the caucuses we have and the country that's waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases. but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done. but the president has a backup plan just in case. >> if an agreement isn't reac
sides are saying about the looming deadline. >> reporter: congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1. the president reminded lawmakers there's not much time left. >> we're now at the point where, in just four days, every american's tax rates are scheduled to go up by law. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work...
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Dec 28, 2012
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in just four days across-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't pass the bill, i would cost him $106. that has dad sean rasmussen worried. >> they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation government prices revert back to 1939 levels. back then the process was more laborious and farmers needed a higher subsidy to cover their costs. dan sumner says the new price of milk would be far above what it now costs dairy farmers to produce it. >> it really will be chaos. >> reporter: so we would go back to this old farm bill which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy
in just four days across-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't...
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Dec 26, 2012
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cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so now harry reid is believed to be crafting a plan of his own. it's expected to extend bush-era tax cuts. it would also include short-term spending cuts instead of the massive cuts that would occur if there is no deal. it would also patch up the alternative minimum tax that will hit even more middle class families and schedule a drop off for doctors. >> if republicans do give in and support the deal being put together by harry reid that deal is expected to be far less favorable than the potential deal they had been working on with president obama. >> republican strategist, frank luntz has been talking with vot
cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so...
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Dec 27, 2012
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obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that would happen if there is no deal. after our wednesday conference call, house republican leaders issued a statement saying they were waiting for the democratic controlled senate. the house will take this action on whatever the senate can pass they said but the senate first must act. in a sign of public frustration over the lack of a deal the coffee giant starbucks is asking employees in approximately 120 washington area cafes to write the words "come together" on cups for drink orders. >> we just wanted to have a subtle message of coming together and everyo
obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that...
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Dec 29, 2012
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president obama met with the four top leaders yesterday. he met for just over an hour. now, earlier in the fiscal cliff talks, meetings like this had tended to be tense and nonproductive but this meeting gave rise to hopes of a last-minute deal. for the first time in weeks president obama reported genuine progress to averting some part of the so-called fiscal cliff. >> i'm modestly in agreement we'll achieve. >> they're now chasing a much smaller deal than originally sought. the final product if there is one will not include trillions in debt reduction or federal spending or tax code reform. it won't even include across the board spending cuts. it will focus on tax rates and a few spending items. >> that's the bearare minimum we should be able to get done. >> sidelined for now. house speaker john boehner. as they left they sounded like they were closing in on a compromise. >> think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. >> we'll be working hard to try to see if we can get there in the next 24 h
president obama met with the four top leaders yesterday. he met for just over an hour. now, earlier in the fiscal cliff talks, meetings like this had tended to be tense and nonproductive but this meeting gave rise to hopes of a last-minute deal. for the first time in weeks president obama reported genuine progress to averting some part of the so-called fiscal cliff. >> i'm modestly in agreement we'll achieve. >> they're now chasing a much smaller deal than originally sought. the...
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Dec 25, 2012
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. >>> president obama is in hawaii for christmas. the president is expected to spend a quiet day with his family. with the president and congress on a short holiday break, there's been no movement on fiscal cliff negotiations. before he left washington, the president said he believes a deal could be made before the december 31 deadline. >>> u.s. troops celebrated their 12th consecutive christmas in afghanistan. service men and women attended a service at the nato base in kabul, sang some carols, then enjoyed a holiday dinner. >>> and coming up on the "morning news," he may be messy funny, jack klugman from "the odd couple "has died. a look back at his remarkable career. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. >>> firefighters in california battled a raging river yesterday to rescue a homeless man. he was living on an island in the los angeles river and got into trouble after a
. >>> president obama is in hawaii for christmas. the president is expected to spend a quiet day with his family. with the president and congress on a short holiday break, there's been no movement on fiscal cliff negotiations. before he left washington, the president said he believes a deal could be made before the december 31 deadline. >>> u.s. troops celebrated their 12th consecutive christmas in afghanistan. service men and women attended a service at the nato base in...
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Dec 26, 2012
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his plan would include short term spending cuts instead of long-term deals that had been sought. >>> from hawaii. comes word that president obama will cut short vacation and return to washington later today to take part in "fiscal cliff" negotiations. christmas day the president and first lady met with servicemembers and their families. the president told the marines he was grateful for their service and posed pour pictures. >>> recent college graduates are having a tough time getting jobs in their desired lines of work. according to the latest u.s. census figures about 2 60,000 young adults with college degrees in california are working in food service and retail. >> couldn't get a job in the field that i wanted to so i figured i have to start at the bottom. >> without higher paying jobs, it's that much harder for graduates to pay back student loans weapon tuition rising across the nation. >>> the holiday season isn't what it used to be for american oh. a new poll suggests a lot of people are working between christmas and new year's. the survey conducted in the midwest shows about a
his plan would include short term spending cuts instead of long-term deals that had been sought. >>> from hawaii. comes word that president obama will cut short vacation and return to washington later today to take part in "fiscal cliff" negotiations. christmas day the president and first lady met with servicemembers and their families. the president told the marines he was grateful for their service and posed pour pictures. >>> recent college graduates are having a...
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Jan 1, 2013
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tougher. >> the fact that we're not where we need to on this is disgusting. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow. >>> what a night. no fog this year, perfectly clear last night for fireworks along the waterfront here in san francisco. it's beautiful out there. a lot of people showed up for the 15-minute display and jammed the streets near the bob barker. when it was all over, i think most of them are still out there, it was crowded getting into work today but there was some violence during the new year's celebration here in the city. cbs 5 reporter cate caugiran is in san francisco with the problems police had with the new year's crowd and has the latest. >> reporter: good morning. happy new year. san francisco police had their hands full be
tougher. >> the fact that we're not where we need to on this is disgusting. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow....
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Dec 28, 2012
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that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime. cold temperatures are dipping below freezing now. look at fairfield, that's just dropped to 31 degrees. some people scraping some frost off their windshields this morning. 39 in vallejo. 35 santa rosa. so all that blue tells us it's chilly. and unfortunately by this afternoon, well, i guess it's fortunately if you like the cold weather, but it is going to be slightly cooler today than yesterday. a lot of low 50s. 52 santa rosa. only 50 in fairfield. a little more mild around the bay, 54 in oakland and fremont. as frank just mentioned, the rain, light rain set to hit the bay area friday after
that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime....
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. >>> president obama will spend the night aboard air force 1, making a red eye trip to washington. with the fiscal cliff deadline less than a week away. what it all means for your paycheck. >> reporter: as the president wrapped up his vacation, federal workers trickled back into the nation's capitol. but the only people who can avert the fiscal cliff, members of the house and senate, have not returned. in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average person's paycheck in 2013 by about $1500. long-term unemployment benefits for about two million jobless americans are also set to expire. and 110 billion worth of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government contractors. economists predict that if congress doesn't act, all those cuts and new taxes will push the economy back into a mild recession by mid 2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1. that's because the irs and
. >>> president obama will spend the night aboard air force 1, making a red eye trip to washington. with the fiscal cliff deadline less than a week away. what it all means for your paycheck. >> reporter: as the president wrapped up his vacation, federal workers trickled back into the nation's capitol. but the only people who can avert the fiscal cliff, members of the house and senate, have not returned. in just six days, a 2% payroll tax is set to expire, along with the bush-era...
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stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%. >>> news of more budget talks sent wall street on a roller coaster ride thursday. stocks ultimately ended the session lower for a fourth consecutive day. the dow lost 18 points. the nasdaq was down 4. >>> the clock is ticking until lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the sec
stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%....
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Dec 31, 2012
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mcconnell and biden get along much better than mcconnell does with president obama. in the last 24 hours, the administration has given ground on raising threshold for income tax rates and estate tax rates, but also demanded much more in new government spending the republicans are comfortable with. it's that division between spending and taxes that continues to divide both sides, and that is the one thing that may prevent a deal from being achieved in the final hours as we get nearer to the fiscal cliff. >> major garrett, thank you. senator is live on capitol hill. >> thanks for having me. >> if there's a deal today, why would you vote to extend tax cuts if there are no new spending cuts? >> that's the exact thing. the real problem is the spending. if you want to raise taxes -- and the president promised in the campaign he wanted to do that -- it's to pay down on the deficit. there's no evidence of any of that. that's a major sticking point. the democrats are divided on tax rates, on the death tax, on taxes on small business and the republicans are holding firm that y
mcconnell and biden get along much better than mcconnell does with president obama. in the last 24 hours, the administration has given ground on raising threshold for income tax rates and estate tax rates, but also demanded much more in new government spending the republicans are comfortable with. it's that division between spending and taxes that continues to divide both sides, and that is the one thing that may prevent a deal from being achieved in the final hours as we get nearer to the...
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Jan 1, 2013
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now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called fiscal cliff. >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> r if the bill eventually becomes law, the bush era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle-class fami
now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began...
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nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so we would have $2 cuts for every $1 of increased revenue. >> senate is in recess. >> reporter: the senate reconvenes at 11 a.m. so as americans celebrate the beginning of 2013 they may wake up wishing it was 2012 when they had more money in their pockets. andrew spencer reporting. >> the midnight deadline is 9:00 our time. if the deadline passes there could still be wiggle room if the president and lawmakers appear to be working towards an agreement. the tax hikes and spending cuts could be held at bay for a few weeks, they could be repealed retroactively once a deal is reached. and you can keep tabs on the fiscal talks anytime by logging on to our website, cbssf.com. >>> there is some hope. congressional leaders showed yesterday they are able to compromise at least on a few things. top republicans and democrats announced they reached a deal to extend the 2008 farm bill for at least one m
nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so we would have $2 cuts for every $1 of increased revenue. >> senate is in recess. >> reporter: the senate reconvenes at 11 a.m. so as americans celebrate the beginning of 2013 they may wake up wishing it was 2012 when they had more money in their pockets. andrew...
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Jan 1, 2013
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the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush-era tax cuts remain in place for individuals earning as much as $400,000 a year, far above the 250,000 level on which president obama campaigned. but those making more will see higher income taxes, capital gains, plus a new health care reform surtax. rob wood says you'll notice in your paycheck one popular tax cut will be history. >> the average person, say, earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreement also increases taxes on estates worth more than $5 million and extends unemployment benefits for one year and keeps the child tax credit for workers who don't earn enough to pay income taxes. the alternative minimum tax got a pat for inin addition. that shields 33 million taxpayers. even with the budge
the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush-era tax cuts remain in place for individuals earning as much as $400,000 a year, far above the 250,000 level on which president obama campaigned. but those making...
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Dec 24, 2012
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and across-the-board spending cuts in the federal budget. even with congress adjourned and president obama out of town, erme lawmakers today talked about a last minute deal. >> my own belief is what we ought to do is take speaker boehner's last offer, the president's last offer, split the difference. that would be a package of about $2.6 trillion. you couple that with the 1.1 trillion already done. that would be close to the $4 trillion we need to stabilize the debt and begin to bring it down. >> i would vote for revenues, including tax rate hikes even ugh ih i don't like them, to get a-- to save the country from becoming greece, tax rate hikes are part of the solution driven by the president. but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track said raturday was the busiest day of the holiday season behind black friday. r wever a cut
and across-the-board spending cuts in the federal budget. even with congress adjourned and president obama out of town, erme lawmakers today talked about a last minute deal. >> my own belief is what we ought to do is take speaker boehner's last offer, the president's last offer, split the difference. that would be a package of about $2.6 trillion. you couple that with the 1.1 trillion already done. that would be close to the $4 trillion we need to stabilize the debt and begin to bring it...
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president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously too many to hope for at this time. [ laughter ] >> maybe we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides are moving back and forth between meeting rooms on capitol hill on what is normally a quiet new year's eve. the sticking point is spending. the president said to take action on deficit reduction in the next few months and more tax revenue could be involved in those discussions but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this overall problem but what i will not agree to using revenues to replace spending reductions. >> reporter: even in the senate approves the deal by midnight, the house has to pass it. >>> once the deal is done, what will it mean to you and your family's finances? cbs 5 reporter grace lee with the consequences of a compromise. >> reporter: this deal is not official until both houses pass it and it's
president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously too many to hope for at this time. [ laughter ] >> maybe we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides are moving back and forth between meeting rooms on capitol hill on what is normally a quiet new year's eve. the sticking point is spending. the president said...
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it's just disgusting. >> reporter: president obama wanted to dole with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. now, the house reconvenes at midday but lawmakers say, frank, they plan to study this bill hard before they take a vote. they say the senate has had months to get a bill passed and they are not going to rush to get anything done. >> there is word, tara, that some republican lawmakers are upset about something the president said. could that effect support of the bill? >> reporter: it might. president obama chastised in his speech congress for taking too long to get the deal done. but he also threw something out at republicans saying if they think that spending cuts is the only thing that's going to reduce the deficit, they have another thing coming and that basically references the $16.5 trillion in debt which is the next issue on the table. a lot of republicans were offended and it could antagonize enough o
it's just disgusting. >> reporter: president obama wanted to dole with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. now, the house reconvenes at midday but lawmakers say, frank, they plan to study this bill hard before they take a vote. they say the senate has had months to get a bill passed and they are not...
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hope of reaching a wide-ranging deal in automatic spending increases and tax cuts is all but gone. spending would be reduced and cuts would be felt in all areas of the government. economies have warned that going over the cliff would cause a spike in unemployment and trigger another recession. this morning the senate reconvenes with the aim of reaching a smaller deal, one that might spare millions of americans from paying her taxes. danielle nottingham reporting now from washington. >> lawmakers are still working on it. >> i want everyo one to know i' willing to get this done but i need dance partner. >> the main sticking point between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000 while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority i
hope of reaching a wide-ranging deal in automatic spending increases and tax cuts is all but gone. spending would be reduced and cuts would be felt in all areas of the government. economies have warned that going over the cliff would cause a spike in unemployment and trigger another recession. this morning the senate reconvenes with the aim of reaching a smaller deal, one that might spare millions of americans from paying her taxes. danielle nottingham reporting now from washington. >>...
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that we're not where we need to be on revenue is disgusting. >> reporter: president obama wanted a bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. and the house reconvenes by midday today. a vote could also come today. >> tara, a lot of republicans weren't happy with the president's speech yesterday. is there any indication that that could affect the vote in the house? >> well, president obama during that speech criticized congress for taking too long to come up with this deal. he also laid the groundwork for another problem that's coming and that's basically burrough -- upping the country's burrough limit. republicans will no doubt try to use upping that in ex-kang for spending cuts. and to which the president said, they have another thing coming if they think that's going to be the case. spending cuts alone are not going to be able to reduce the country's deficit. so we have that coming. senator john mc
that we're not where we need to be on revenue is disgusting. >> reporter: president obama wanted a bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. and the house reconvenes by midday today. a vote could also come today. >> tara, a lot of republicans weren't happy with the president's...
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he's the "spender-in-chief." >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate is in recess. >> reporter: the senate reconvenes this morning so as americans celebrate the beginning of 2013, they may wake up wishing it were 2012 when they had more money in their pockets. i'm andrew spencer reporting. >>> and just to clarify, that midnight deadline is 9 p.m. pacific time. you can keep track of the fiscal talks anytime all day long by logging on to our website, cbssf.com. >>> it's 6:35 right now. why don't we get a look at weather with meteorologist lawrence karnow. >> we have to get him out of his chair. he is sitting over there, you know, relaxing with his slippers on. get to work! >> i was watching all the fireworks in sydney. i was having a great time. happy new year! >> happy new year. >> can't believe it's that i am too of year again. here we go. a cold start to the day though if you are headed out the door. we have so
he's the "spender-in-chief." >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate is in recess. >> reporter: the senate reconvenes this morning so as americans celebrate the beginning of 2013, they may wake up wishing it were 2012 when they had more money in their pockets. i'm andrew spencer...
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president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. [ laughter ] >> it may be we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking upon the now is spending. the president suggested lawmakers make action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions. but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this problem. the overall problem. but what i will not grow to is using revenues to replace spending reductions. >> reporter: even if the senate approves the deal by midnight the house still has to pass the measure before the president can sign it into law. the house left earlier this evening, but it doesn't matter in terms of the "fiscal cliff" agreement b
president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. [ laughter ] >> it may be we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking upon the now is...
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>>> president obama will cut his hawaiian vacation short today and return to washington to take part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy enough. but the day after christmas? it was unbelievable! cbs 5 reporter cate caugiran is in san leandro where after- christmas shopping has already started. >> reporter: yes, brian. it started at 5:00 this morning at the bay fair center in san leandro. according to a consumer reports poll about 1 in 7 adults will return a christmas gift so that's part of it. for the other part i'm joined live now with keith mchugh with the shopping center here braving the rain with us, as well. thank you so much for joining us. >> my pleasure. >> reporter: what brings shoppers out here the day after christmas? it's the holiday, you think
>>> president obama will cut his hawaiian vacation short today and return to washington to take part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy...
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addiction of his administration he has to spending. he is the "spender-in-chief." >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate stands in recess. >> reporter: the senate reconvenes at 11 a.m. so as americans celebrate the beginning of 2013, they may wake up wishing it were 2012 when they had more money in their pockets. i'm andrew spencer reporting. >>> just to clarify, the mid into the deadline is 9:00 our time. if the deadline comes and goes, there could still be some wiggle room if the president and lawmakers appear to be working toward an agreement. the tax hikes and spending cuts could be held at bay for a few weeks, then could be repealed retroactively once the deal is reached. you can keep tabs on the fiscal talks anytime by logging on to our website, cbssf.com. >>> congressional leaders did show yesterday they are able to compromise. top republicans and democra
addiction of his administration he has to spending. he is the "spender-in-chief." >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate stands in recess. >> reporter: the senate reconvenes at 11 a.m. so as americans celebrate the beginning of 2013, they may wake up wishing it were 2012 when they had...
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president obama asking the house to pass it without delay. nancy cordes is on capitol hill this morning. good morning to you. >> reporter: good morning, terrell. technically we did go over the fiscal cliff at midnight this morning, but that is likely to be temporary if the house votes in favor of that bill later today. the senate as you mentioned, voted overwhelmingly around 2:00 in the morning by a vote of 89-8, almost all democrats and republicans voting yes on a deal that would make permanent the bush era tax cuts for people earning up to $400,000 a year and couples earning up to $450,000 a year. this was a deal that was worked out by vice president biden and senate leaders. the house speaker hasn't said that the house will definitely vote in favor of it today, but democrats at least are saying they expect almost all of their members to vote yes. terrell. >> nancy cordes on capitol hill. thank you so much. >>> secretary of state hillary clinton spent new year's eve in the hospital being treated for a blood clot in her skull. margaret brenn
president obama asking the house to pass it without delay. nancy cordes is on capitol hill this morning. good morning to you. >> reporter: good morning, terrell. technically we did go over the fiscal cliff at midnight this morning, but that is likely to be temporary if the house votes in favor of that bill later today. the senate as you mentioned, voted overwhelmingly around 2:00 in the morning by a vote of 89-8, almost all democrats and republicans voting yes on a deal that would make...